The U.S. Treasury Department released its Q4 2024 Treasury Borrowing Advisory Committee (TBAC) Quarterly Report on Wednesday, examining how digital assets, including bitcoin and tokenization, are affecting demand for U.S. Treasury securities and broader market dynamics.

The report investigates how innovations in financial technology could reshape Treasury issuance, especially regarding short-term securities, and evaluates how the growth of digital assets could influence liquidity and hedging strategies. Amid the expansion of digital markets, it examines whether institutional investments in bitcoin and other crypto assets could increase demand for Treasuries during periods of market instability, summarizing:

To date, growth in digital assets has created marginal incremental demand for short-dated Treasuries.

“This has so far come primarily though increased use and prevalence of stablecoins,” the report states, adding, “Institutional adoption of ‘high-beta’ bitcoin and crypto might lead to increased future hedging demand for Treasuries,” especially during substantial crypto market declines. The report further specifies:

Growth in, and institutionalization of, crypto markets (bitcoin) could create additional hedging and flight-to-quality demand for tokenized Treasuries in periods of heightened downside volatility.

However, the report warns: “Flight-to-quality demand can be hard to predict. Hedging demand could be structural, but depends on how well Treasuries continue to hedge downside crypto-volatility.”

The report underscores that “the benefits of tokenization extend far beyond and are independent of native crypto assets like bitcoin.” Tokenization, it explains, allows diverse assets — from financial instruments to real-world assets — to be represented across interoperable ledger systems. By fostering new economic efficiencies and connections, tokenization could enable deeper integration between traditional finance and digital assets. If widely adopted, tokenization could reshape market strategies, enhancing agile asset management and potentially driving demand for Treasuries as both a safe-haven asset and a tokenized portfolio component.

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